A rental bond is a security deposit that a tenant pays at the start of a tenancy which is then lodged with the relevant state government agency.

The bond plays a vital role in providing peace of mind and protection for you as a landlord. Typically you would ask for up to 4 weeks' rent to be held as a bond and it is important that there is a bond in place at the beginning of every tenancy.

The bond lodgement process is different in each state as there are different rules and regulations regarding bonds.

We are here to guide you through this process.

RentBetter allows you to collect the rental bond from your tenant through the platform based on our recommendations according to your state.

You can add your bond details and send them through to your tenant to collect either through the RentBetter platform OR outside of RentBetter. Once you have collected the bond, you will need to take the subsequent step of lodging it with the bond authority.

There are three main steps that you need to take when lodging a bond for your tenancy:

To create and manage your bond, head to the Properties page and click on 'Tenancy setup'. You will be taken through the steps to set up your tenancy and during this process, you will be able to set up the bond payment and collection.

The recommended way to collect the bond in your state will show at the top of the bond section and you can select your preferred collection method.

Sometimes Bond registrations can take up to two weeks to get set up once you apply online with the state authority so it's wise to get yourself registered ASAP. We recommend doing this as soon as you've set up your property ad so that you're ready to go without delay.

Collecting the bond payment through the platform is simple but it's important to remember, RentBetter does not lodge the bond for you.

When you collect the payment through the platform, the tenant will be prompted to make that payment through their tenant account. Once the payment is successful a receipt is issued to record the payment and the funds are transferred directly to your bank account. You will then proceed to lodge the bond with the bond authority in your state.

To set up your tenancy, navigate to the 'Tenancy setup'. Within the 'payments' section, you can scroll down to find the bond details.

To collect the bond through the RentBetter platform, choose the first option as shown below, where the tenant is to provide the rental bond. Select "The landlord or another person"

In the section underneath, you will select that you'd like RentBetter to collect the bond payment:

Once you send the lease to your tenant, the tenant will be invited to get set up on RentBetter. After they have signed the lease and added a payment method, they will see the bond payment step on their dashboard:

If you choose to collect the bond payment outside of RentBetter, whether that is directly to your bank account or by asking the tenant to pay to the bond authority as recommended in some states, that's perfectly fine. This option is available to select during the tenancy setup process:

To set up your tenancy, navigate to the 'Tenancy setup'. Within the 'payments' section, you can scroll down to find the bond details.

To collect the bond outside of RentBetter, choose either the first option or third option as shown below under the section 'where the tenant is to provide the rental bond to'.

Once you send the lease to your tenant, they will be invited to get set up on RentBetter. The bond step will show on their dashboard and they will be able to view the details on where to pay.

The tenants should then make the payment either to your account or if requested, directly to the bond authority. Once paid you can mark this as paid in your account and upload any receipts or documentation once the lodgement is complete.

If you have an existing tenancy, the bond likely has already been paid. RentBetter allows you to record the bond details for you and the tenant in the platform so that no request is sent to the tenant to make payment when they set up.

Navigate to the Properties page and click on 'Tenancy setup'

On the 'Payments' step in the setup, you will find the bond details. Enter the bond amount and due date and under the question 'Has the bond already been paid?' select 'Yes'

Confirm the details of the bond, upload any attachments and then save it. Once you send it to the tenant they will be able to see that the bond has been marked as paid and no request will be made for payment.

Once you've set up the bond, you can easily view its details and status. Simply click on 'Tenancy setup' and scroll down to the bond section.

You can also navigate directly to the bond section of your property by clicking on the 'Bond' button in the list inside the property card. This will direct you to the bond page, where you can track and monitor the bond's progress, as well as create new bond requests or details.

Some states allow you to collect a bond top-up if the rent has increased throughout the tenancy. To collect or record an additional bond payment, navigate to the bond page, click on 'New bond request' and fill in the details.

Have more questions on bond? Reach out to our friendly team via the support chat or email info@rentbetter.com.au and we’ll be happy to help.